Morgan Stanley raised its near-term Brent forecasts, saying that the geopolitical risk premium is likely to persist for a period, but added that it still expects prices to soften to $60 per barrel later this year.
The bank now sees Brent at $62.5/bbl in the second quarter of this year, compared with $57.5/bbl previously. It also raised its third-quarter forecast to $60/bbl from $57.5/bbl earlier.
(Reporting by Anjana Anil in Bengaluru, Editing by Louise Heavens)